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  "documentTitle": "Autodesk, Inc. (ADSK)",
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  "authorName": "Jeffrey Smith",
  "documentKindSlug": "shareholder-letter",
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  "presentationDate": "2025-03-19 00:00:00",
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  "notes": "The slide uses a waterfall bridge to visualize the gap between theoretical margin expansion and actual guidance.",
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      "text": "Absent any helpful answers from the Company, shareholders can only assume that the Company is significantly increasing spending in other areas and offsetting the margin improvement that should result from the workforce reduction and revenue growth.",
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      "text": "Adjusted Operating Margin: 39.5%",
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      "text": "Taken together, we believe the workforce reduction and operating leverage on revenue growth should generate approximately 500bps of margin improvement this year at Autodesk.",
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      "text": "Unfortunately, it appears that the answer is either the Company is not realizing a significant portion of the savings from the workforce reduction, or the Company is not generating the appropriate incremental margins.",
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      "kind": "source-note",
      "text": "Source: Public company filings and Starboard research and estimates.",
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      "text": "5 Represents the average annual adjusted operating margin improvement from FY2025 to FY2028 assuming 8.5% underlying revenue growth and 55% incremental margins.",
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